26 U.S.C. § 266
Carrying charges
No deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Secretary, are chargeable to capital account with respect to property, if the taxpayer elects, in accordance with such regulations, to treat such taxes or charges as so chargeable.
Notes of Decisions
Cited in 9
cases (1 in the last 5 years), 1928–2024 · leading case: Commissioner v. Idaho Power Co.
Commissioner v. Idaho Power Co. (1974)
“500 (1974), and that § 266 of the Code, 26 U. S. C. § 266 , creates a further exception by providing taxpayers with an election between capitalization and deduction of certain taxes and carrying charges.”
Alex A. Aboussie, Alice Aboussie, Robert Aboussie and Linda Aboussie v. United States (1985)
“See 26 U.S.C. § 266 (1982); Treas.Reg. § 1.266-l(b)(ii)(a).”
Queen v. United States (1935)
“[26 USCA §§ 266, 332, 335]). Section 3289 provides that “all distilled spirits found in any cask or package containing five gallons or more, without having thereon each mark and stamp required therefor by law,, shall be forfeited to the United States.”
Foster v. Commissioner (1985)
“Section 266 provides: No deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under the regulations prescribed by the Secretary, are chargeable to capital account with respect to property, if the taxpayer elects, in accordance with such…”
Oras v. United States (1933)
“The defendants were indicted for a conspiracy to violate the National Prohibition Act and the internal revenue laws, specifically, for a violation of section 3289 of the Revised Statutes (26 USCA § 266), a violation of section 3282, Revised Statutes (26 USCA § 307), and a…”
Oklahoma Gas and Electric Company v. United States (1972)
“1939) § 24(a) (7), and later by 26 U.S. C. § 266 and regulations thereunder.”
United States v. One Five-Ton Federal Truck (1928)
“(26 USCA §§ 266, 327, 523; Comp. St. §§ 6030, 6130, 6159).”
Mickle v. United States (1929)
“Code (26 USCA §§ 266, 332, 335). In Dukes v. United States, supra, in which the indictment was identical with that here, the proof showed that the defendant had in his possession a gallon jug and a quart can each containing com whisky.”
Duell Family Trust v. Ford (2024)
“§ 5312 (a)(2)(C) (defining “financial institution” as, among other entities, 20 a “private banker”); 26 U.S.C. § 266 (barring tax deductions for certain amounts); and 31 21 U.”
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